Funding arb · Price arb /

EDGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0420%/8h= +46.0% APRpaid last 24h +0.174%

Price spread now: Binance against Backpack+0.106%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.520%−$52 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Binance is 0.106% dearer against Backpack than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.520%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack EDGE_USDC_PERP	0.5911	0.0100	pay 0.0013% / 1h	2m 49s	$60K	$100K	3.3x
Short	Binance EDGEUSDT	0.5917	0.0520	get 0.0260% / 4h	1h 02m	$10.1M	$10.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee BinancebpOrdersPrice spread, now +0.106%Rate

Funding earned: $88.27
Price spread: +0.106% → 0.000%: $10.64
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $78.91
Costs to cover: 0.200%
Break-even: 0.7 days

Slippage unknown: Backpack: no order-book sample; Binance: live order book, 7 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack no order-book sample	—	—	—	—	—
Sell Binance live order book, 7 min ago	0.85 bp	32.9 bp −$33	166.4 bp −$1,664	doesn't fit	doesn't fit

Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

EDGE on 17 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter EDGE	+0.0096%	1h	0.5898	−0.206%	$55K	$8K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5904	−0.113%	$7.0M	$3.3M	25x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5908	−0.046%	$4.7M	$996K	20x	as long as short
Backpack EDGE_USDC_PERPlong	+0.0100%	1h	0.5911	long leg	$60K	$100K	3.3x
Variational Omni EDGE	+0.0100%	4h	0.5881	−0.499%	$191K	$130K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5893	−0.299%	$12K	$1.8M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5895	−0.266%	$8K	$294K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.6152	+4.082%	$4K	$610K	10x	as long as short
KuCoin EDGEUSDTM	+0.0250%	4h	0.5910	−0.012%	$2.1M	$2.3M	50x	as long as short
BloFin EDGE-USDT	+0.0463%	4h	0.5906	−0.080%	$635K	$126K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC EDGE_USDT	+0.0508%	4h	0.5914	+0.056%	$1.2M	$921K	50x	as long as short
Extended EDGE-USD	+0.0520%	1h	0.5915	+0.079%	$27K	$230K	5x	as long as short
Binance EDGEUSDTshort	+0.0520%	4h	0.5917	+0.106%	$10.1M	$10.1M	50x
Aster EDGEUSDT	+0.0526%	4h	0.5899	−0.205%	$68K	$136K	5x	as long as short
edgeX EDGEUSDC	+0.0581%	4h	0.5893	−0.299%	$14.1M	$3.4M	30x	as long as short
Orderly PERP_EDGE_USDC	+0.0597%	4h	0.5909	−0.029%	$3K	—	10x	as long as short
OKX EDGE-USDT-SWAP	+0.0629%	4h	0.5919	+0.140%	$3.6M	$5.9M	20x	as long as short